FNGD vs PIPR: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Piper Sandler Companies (PIPR) show a negative relationship: their 3-year correlation of weekly returns is -0.43.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and PIPR?
Across a 3-year window, the weekly returns of FNGD and PIPR correlate at -0.43, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.26) runs above the 3-year figure (-0.43). Stretching to 5 years gives -0.45, with an annualized covariance of -1086.2 %².
Within FNGD's tracked universe of 1743 assets, PIPR comes in at #1460 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months PIPR outperformed by 46.5 percentage points (-55.7% for FNGD against -9.2% for PIPR). One caveat on sizing: FNGD is 2.3 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
FNGD vs PIPR: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | PIPR (Piper Sandler Companies) | |
|---|---|---|
| 1-year return | -55.7% | -9.2% |
| 5-year return | -99.4% | +143.0% |
| Volatility (ann.) | 75.7% | 33.6% |
| Beta vs S&P 500 | -4.54 | 1.35 |
| Max drawdown (3Y) | -97.6% | -38.8% |
| Market cap | – | $5.3B |
| P/E (trailing) | 20.6 | 17.3 |
| Dividend yield | 0.00% | 0.97% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | PIPR |
|---|---|---|
| 2022 | +52.2% | -23.4% |
| 2023 | -90.1% | +37.8% |
| 2024 | -76.6% | +74.2% |
| 2025 | -61.4% | +15.5% |
| 2026 | -49.5% | -10.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and PIPR good diversifiers for each other?
By historical standards, yes. A correlation of -0.43 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNGD and PIPR?
The FNGD/PIPR correlation stands at -0.43 on a 3-year window (1 year: -0.26, 5 years: -0.45), computed from weekly returns as of 2026-08-27.
Is PIPR a good diversifier for FNGD?
By historical standards, yes. A correlation of -0.43 means the two rarely move for the same reasons.
What does a correlation of -0.43 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/fngd-vs-pipr.json
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[](https://www.pairbook.io/pair/fngd-vs-pipr/)
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Related comparisons
Hubs: FNGD correlations · PIPR correlations
